Make a deposit

The Deposit form is primarily used to deposit funds received from customer invoice payments. When you receive a customer payment and enter it on the Customer Payment form, the payment is entered into the Undeposited Funds account by default. By entering received payments into the Undeposited Funds account, you can maintain closer control over your deposit sequence by segregating received funds (undeposited) from the deposited amounts. Making a deposit moves the funds from the Undeposited Funds account to a Bank account.

You can also add additional lines to the Deposit form to account for:

  • Received payments that do not result from customer invoices.

  • Payments made to suppliers that do not result from supplier invoices.

  • Expenses incurred using cash held back from a deposit.

Note: If you use paying in slips to record deposits to your bank, you can use the Memo field on the appropriate Cash Sale, Customer Paymentor Journal Entry forms to record the slip number for the deposit. Recording the slip number makes it easier for you to match and reconcile transactions.

Every bank transaction is entered into the bank nominal activity for the bank account. After you record a deposit, you cannot delete or edit it. You must mark it void, and then create a new deposit. If you void a deposit, all customer payments on that deposit will reappear when you open a new Deposit form.

It is important to enter each payment from every customer on the Receive Payment form. Entering the payment ensures that your A/R Aging reports balance with the accounts receivable balance on the Balance Sheet report. For more information about the Balance Sheet report, see Company and Financial reports.

To make a deposit

  1. On the Banking menu, click Make Deposit.

  2. Click the arrow next to Deposit in to select the bank account into which you are depositing the funds.

  3. Select the customer payments that you want to deposit.

    Note: To select all customer payments, select the check box in the upper-left corner of the table. To remove all selections, clear the check box.

  4. Add additional line items to the form or enter information in the Cash-back fields.

    For more information, see Deposit form: options and information.

  5. Do one or more of the following:

    • Print the deposit

      1. On the File menu, click Print.

      2. Click OK to save the deposit.

    • Close the deposit

      On the toolbar, do one of the following:

      1. To close the deposit, click Save and Close.

      2. To save your changes and add a new deposit, click Save and New.

Void a deposit

  1. On the Banking menu, click Nominal Activity.

  2. Click the arrow next to the Bank Account field, and then select an account.

  3. Right-click the transaction that you want to void, and then click Void.

  4. To confirm, click Yes.

  5. On the File menu, click Close.

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